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CNBC
Nov 15, 2012 3:00pm EST
cliff and longer-run fiscal issues. i think if we do that, the economy can boom. >> i'm hoping to use a phrase i've heard recently, that everybody can rise above the politics that we see here all the time. >> if the guys in washington don't get together and actually act like grown-ups, we're in big trouble. >>> hi, everybody. time to rise above and keep the country from enduring a self-inflicted crisis. we're here today. i'm maria bartiromo coming to you live from the schwab impact conference in chicago. welcome to the "closing bell." we enter the final stretch for the markets today. everybody here is focused on the fiscal cliff. coming up, i will talk to allen simpson and erskine bowles in an interview you cannot afford to miss. hope you join us 4:00 p.m. eastern. the co-founders of the fix the debt campaign, which many corporate leaders are backing. they'll tell us how they think washington can come together and reach a deal, bill. >> sure would be great to figure that out. maria, looking forward to that. i'm bill griffeth here at the new york stock exchange. markets continue to
CNBC
Nov 12, 2012 3:00pm EST
some sort of sign the economy -- the growth in the economy and reflation effort is going to take hold, is that it? >> the market has to believe it's going to be enough, by way of context. the fall from apple from peak to where it is now is $100 billion of market cap. $40 billion a month. the numbers are so billing and yet the federal reserve talks in billions when we live in a world of trillions. >> so what's the -- what's the best plan here, then, toward year-end? we have the clarity of the president in the white house but we have no clarity in terms of these taxes. i'm just wondering how many of you actually think we will see a compromise or are both sides going to continue to dig in, creating a real inaction for the next couple of years? >> michael first? >> i think have you to separate a grand bargain from extending out the deadline. our belief is very likely you'll get some kind of downpayment past this year and an extension of timing until the middle of next year. one thing we would encourage investors to remember is how much pressure is on both democrats and republicans to work
CNBC
Nov 14, 2012 3:00pm EST
interest rate environment. we all knew it was going to be a slow economy. we all knew the market was going to grow slow. the bottom line is even with the decline in the last eight days, we're still up 6.5%, 7%. >> you're saying to buy into this selloff? >> i think you have to buy into it. where are you going to put your money? most of the money is going into fixed income. that's just crazy. we know future interest rates are going to go higher. that's not going to hurt corporations. it's not going to hurt profits, but what it is going to do is hurt the individual investor. they should be in equities. when you look at the dividend plays out there, it's crazy not to be. >> boy, when it comes to the markets, michael, you could not have a more different point of view, could you? >> we have about 30% cash. i took out another about 20%. we're about 50% today in cash. i don't think the fiscal cliff is going to happen. i think they're going to punt. i don't think anybody in washington, d.c. has the meatballs or spaghetti to care about cutting our debt and deficits. you know, the only thin
CNBC
Nov 16, 2012 3:00pm EST
has been worried about the market all year anyway because of profitability in this economy. what about you? are you more constructive or not? >> i think the fiscal cliff is clearly giving investors a lot of grief. the first stage of grief is denial. we were there up earlier in the year. second stage is anger. we've seen a lot of that late i with the selling. third stage is bargaining. we may just reached that fourth stage. there are befoargains being created. >> but you're not ready to buy yet? >> not yet. >> i want to get to you, steve liesman. >> i thought you were going to ask me the rest of the 12 steps. >> you know, the republicans, we're hoping for a compromise, but the republicans have been digging in their heels because they've been saying higher tax rates would be job killers. who what extent would they be job killers? >> well, i'd say there's a huge debate over that. i know there are people who believe religiously that any tax increases will reduce job growth. i think that in the first order, whatever your religious feelings on that, uncertainty is almost certainly a jo
CNBC
Nov 9, 2012 3:00pm EST
we're not going to be able to function with no revenue, and with less revenue relative to our economy than we've had for 50 years. we're going to have to raise revenue. that revenue should come probably from the people who have been most fortunate over the last generation. that's the position the president's taking. i think it's a reasonable one. i think there's a shared reck a -- recognition between the president and the congress that it would be a catastrophe for the country if nothing was to be done and $600 billion was to be withdrawn from this economy. >> of course, the markets would also see that as a catastrophe. you know, there's an article in the "new york times" today. senator schumer was quoted. he said, look, we might be able to get that revenue you're talking about by eliminating the loopholes and leaving the highest tax rate at 35% rather than taking it up to 39.6%. it seems so petty to be discussing, you know, the tax rate on just a small portion of the population. but do you think you can get that revenue by eliminating the loopholes and leaving taxes where they are, b
CNBC
Nov 13, 2012 3:00pm EST
. now, cutting deduction may be impossible politically, and it could disrupt the economy, but that's a lot of money, even in government terms. that's compared to only $440 billion if we raise that top tax rate. back to you giuys. >> all right. robert, stay right there. more reaction now. >> we have both sides of this issue. not surprisingly, republican strategist justin safy says it's a good idea because it takes out the political fighting. also not surprisingly, democratic strategist is not a fan of all this. justin, make the case for the bucket of deductions that romney talked about during the campaign. >> well, you know, this idea is so simple. it's probably almost too simple for the big thinkers in washington, d.c. the point is, if you give one amount, whatever that amount is, as a cap on the deductions, the taxpayers themselves can choose which deduction they want. it takes it out of all of the fighting that goes on, the lobbyists, the different special interests that are constantly lobbying members of congress to protect certain exemptions. it makes the tax b code simple. you c
CNBC
Nov 8, 2012 3:00pm EST
another four years. everyone is going to play nice if we want the economy to grow. >> what about dividend payers? these companies are getting crushed as people speculate where dividend taxes go. jim, are you a buyer? you want to stay away? what do you want to do with dividend payers? >> until i get some clarity on the fiscal cliff, i would probably stay away from anything that would be a tax-related issue. the dividend payers would be high on the list. as far as what to do, i would agree with joe. gold was the story before the election. the argument was we were electing a president and a monetary policy. we elected the president that's going to continue the easy monetary policy. gold has been one of the few things that's been working through the election. i suspect it will continue to. >> all right. jeff, in the energy complex itself, what's the best opportunity right now? is it crude? is it heating oil? is it natural gas? what are you looking at? >> if you're a weather player, you certainly want to buy the heating oil. the way we've seen the last couple of days here, the weather has been
CNBC
Nov 13, 2012 4:00pm EST
behind whatever stimulation there is in the economy. i'm a little confused as to why you would think that would happen. >> what i'm saying is you could pick any target you want. picking targets is a far cry from actually making a difference on things like unemployment. targets are easy. >> but here's the thing. >> but the target is 2015. rates aren't movmoving. what are you suggesting? the fed was clear about this. >> if the rates go up, we're in a big, big problem because we cannot service the debt. they have to keep them down. >> very good point. >> i don't think that's what's behind fed policy. >> i do. >> when you think about higher interest rates, you have to consider why interest rates would be higher. they could be higher if there was more economic growth. more economic growth would mean higher tax revenue. in that regard, you wouldn't necessarily have to have these low interest rates. you could service a higher interest rate and a higher debt service if there was more economic growth. >> how do we get economic growth? >> when the private sector decides it's going to invest an
CNBC
Nov 15, 2012 4:00pm EST
don't need it. >> the issue there is we are not going to hurt our economy and make job creation more difficult, which is exactly what that plan would do. there are ways to put revenue on the table without increasing tax rates. >> what's your reaction? >> i'm actually more hopeful than al is. >> you used to be more depressed. what's gotn n tten to you? >> i spent the last few days here. i am more hopeful. we got a democrat president who's in his second term, who's been willing to put entitlement programs on the line. we got a speaker, a republican, who really gets it, who understands that we have to have some decisi additional revenue. we have over half a senate who have embraced a balanced plan like we've proposed. and we've got this fiscal cliff, which will force action. i think they are pretty pitch saying the same thing. both of them are saying we have to have revenue. the president says, look, i want that revenue to be real. the only way i don't know fknow real for sure it to raise the tax rate. the speaker is saying there's a better way to do it. that's by reducing the spending
FOX Business
Nov 16, 2012 3:00pm EST
the few bright spots in the economy lately has been the recovery housing market. today a potential stumbling block. they are hosting a of $16.3 billion now there is fear it may require you, the taxpayer, to bail it out. peter barnes with the details from washington, d.c. anybody talk abou but it's hurtg the housing market overall? >> not yet, liz. i did not get that. most if we will have a trifecta with the housing bailouts because of course we had fannie mae, freddie mac about $187 billion from the treasury, now they could need help from the treasury. the agency ensures a trillion dollars in riskier mortgages with very low down payment mainly for first-time homebuyers and an annuaand a manual audit d today found agency has 16.3 early in dollars capital because of mortgages going bad. the fha is downplaying the possibility of the bailout state expects to have $11 billion in new capital from new business in the year ahead and this is where it might have an impact on the housing market. it also announced a slight increase in fees to date which would raise the cost of borrowing slight
FOX Business
Nov 12, 2012 3:00pm EST
strength of the economy. are we seeing any inflation creep in? i don't anticipate that we're really going to see that. but i think it's more than anything, it is going to be just tb strength -- it is going to be just the strength. are we starting to see quantitative easing giving us a bit of propulsion forward? that's what traders will be watching. again we have europe on the radar as well, what's going on over in greece with policymakers meeting, i think that could potentially drive treasuries a little bit as people come back to action tomorrow. cheryl: let me go over to the nymex. you know, john, obviously the story has been oil, but also we got this report out that, you know, really the united states is going to be the number one oil producer, in the next several years because of the technology of fracking. is that do you think a bullish tone for the markets? >> well, i think you want to look at, you know, both oil exporting countries and oil importing countries. if you look at the u.s., in the past always been a concern to equity risks in general. if you want to understand what
FOX Business
Nov 15, 2012 3:00pm EST
rebuilding the northeast after hurricanes any spur the economy? a short time ago president obama got a look at the total devastation superstorm sandy left in new york and made an announcement. this man on your screen, shaun donovan named him house secretary, named house secretary, the point person on the federal level for the rebuilding effort so shaun donovan gets all the complaints and phone calls but at least there is somebody who is the point person and this moment and we are watching the cost of the cleanup continuing to mount along with the displaced debris, piling high, it is two stories high at one location in queens, new york. liz macdonald was right there in queens. liz: that is right. this normally is a beach area. now is a mile and a half, temporary but new and stunning landfill with some really shocking images of debris from 11 or 12 pounds in the ariane and the business district ending up here. looking in the distance using lawn chairs and photo albums and santa claus statues, christmas toys, children's toys, children's car seats. of truly heartbreaking scene out he
CNBC
Nov 8, 2012 4:00pm EST
thing together for our country. >> or is it a necessary evil for the long-term health of our economy? we debate straight ahead. >>> and coming unraveled. he's the man some say is a bigger crook and liar than bernie madoff. >> how many people who are condemning what i did would know for sure they would never do anything like what i did if they knew they wouldn't get caught? >> we get the scoop about mark drier from a former employee who produced the award-winning documentary about one of wall street's biggest scam artists. that's all ahead on the "closing bell." i just want to give her everything. [ whistles ] three words dad, e-trade financial consultants. they'll hook you up with a solid plan. wa-- wa-- wait a minute; bobby? bobby! what are you doing man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade. >>> welcome back. let's check groupon shares. the stock down sharply today after reporting disappointing earnings moments ago. john fortt breaking down the numbers. 10.7 pv 10.7% lower. >> yeah, the stock traded up into the close. revenue fell sho
FOX Business
Nov 9, 2012 3:00pm EST
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CNBC
Nov 9, 2012 4:00pm EST
yields are based on uneasiness. fiscal cliff, raising taxes in a slow economy. all of it is coming home to roost. >> mike, we had the president come out saying that he will veto any legislation that allows the tax cuts to be extended for the highest earners. is that what poured water on the rally? >> it didn't hurt. obviously, there was no breakthrough. i think the one thing to take away from today's action was the fever kind of broke a little bit in terms of the market really being hyper actively responding to every little knnuance. i think the market would have liked to see a little more affirmative suggestions that were going to come closer together. i don't think it was something that alarmed everybody, considering the height of panic that built up over a couple days. >> all right, guys. thanks so much. appreciate that. it has been a week to forget for the bulls. tough week after the election. courtney reagan wraps up the big losers and mixes in a few silver linings on the upside. court, over to you. i don't hear her. okay. courtney reagan, obviously her microphone, we're going
FOX Business
Nov 14, 2012 3:00pm EST
slows growth in the economy. it is the prudent thing to do to get the fiscal house in order but all those things will keep growth somewhat tepid and 22013. liz: two things helping the economy improve, retail sales number did not look that good, but depending on the company certainly. it is not all bad news. give me an example of people running for safety. >> pfizer is the perfect example. what is so interesting about that? liz: people feel safety, visor, the industry. >> it feels good to own those well-recognized names. you should look for the companies that are growing despite that. it is amazing people feel okay losing money in pfizer because it is pfizer. if you lost money in a company you are less familiar with. liz: some of those very names he feels are the places to be. the long-term bullish stock picker to, the number one moneymaker. 50 minutes before the closing bell rings. remember the '80s when the japanese bought everything american including the rockefeller center? chinese companies are now doing the same thing. plowing money into u.s. assets, u.s. companies at a record
FOX Business
Nov 13, 2012 3:00pm EST
macro events of the economies, not the macro events of the governments. liz: don't you feel if you put ten business people in a room, lock the door, you guys could hammer out a solution to the fiscal cliff, but does that mean, terry, that you would accept, and i don't know nor do i really think it's relevant where you stand as far as right or left is concerned, but some tax hikes and some spending cuts, does it have to be a combination? >> well, i think speaker boehner has it right where he said we need to look at the whole tax code before we start increasing taxes. so i actually think that needs to be evaluated. so i'm not quite sure where the fiscal cliff is going to go. i'm assuming they are going to as they say kick the can down the road for another couple of months. hopefully they take that time period to lay out a foundation over what they are going to do in order for us to put our fiscal house in order. liz: there is citizen duffy and there is businessman ceo duffy. let's talk about the ceo duffy and how your customers and i want to remind our viewers that you have everyone from
CNBC
Nov 16, 2012 4:00pm EST
economy eventually begins to turn around, we see better demand. ultimately, that's going to endure those kind of companies. >> apple has become a proxy for the market. market down 10%. apple down 10% or more at this point. would you buy apple here? >> i would. this is coming from a guy who hasn't owned much apple at all. right around here, again, sounds like a theme here. we have a tech stock selling at about a nine times earnings. believe it or not, it has a 2% yield. >> you're not concerned about some of the reasons why it dropped, mark? >> no, there's a whole list of reasons. i think the first one with the most weight in my mind is it's a proxy for the market. it's the biggest stock. if you don't like stocks, you can't possibly like apple in my mind. i think that's exacerbated the down trend in apple shares. >> quincy, would you buy it here? >> we do like it. you're going to see buyers start to come in. also this notion of special dividends for a host of the tech stocks before the new year begins. share buy backs. potentially from apple. i just want to mention, take a look at fi
FOX Business
Nov 8, 2012 3:00pm EST
global economy. wall street will be watching ad sales at espn and abc network. ad spending always the first thing businesses cut in any downturn right? and the theme parks h offer a hint on whether consumers are spending more. that sector is proving to be surprisingly resilient in the never ending economic slump. music studio, broadway musicals also offering consumer gut check. disney had a great run the past year stock wise. that's in part to obsessive focus on attention to detail and lean ops. but also the mouse house owns one of the world's richest portfolios of movie franchises. disney has just agreed to pay 4 billion dollars to buy another one, star wars empire, george lucas. that's going to add darth vader and luke sky walker to the avengers, one o the biggest grossing films of the year and disney pixar line up of toy story and cars and more. those characters all perfect synergy vehicles for movies tv spin offs theme park rides video games, toys. wall street is looking for revenue growth almost 5% to nearly 11 billion dollars. net income maybe up 11%. earnings per share an even
CNBC
Nov 14, 2012 4:00pm EST
according to economists will have the least positive impact on our economy. perhaps the fieriest moment in all of this is in the discussion over libya. the president talking about u.n. ambassador susan rice, who's been criticized by senators mccain and graham up on capitol hill. the president said if mccain and graham want to go after somebody, they ought to go after me. take a listen to that as well. >> for them to go after the u.n. ambassador who had nothing to do with benghazi and was simply making a presentation based on intelligence that she had received and to besmirch her reputation is outrageous. >> the president also said that he's open to compromise here. he doesn't want to slam the door on republicans. he said he's going to be looking for ideas from everyone. >> all right, eamon. thanks for much. i want to show you what's going on with brian sullivan. he's walking with some of the ceos that have just come out of the white house. let's listen in. >> we employ a lot of the people in this country and around the world. there's nothing that i can say more importantly than a solution
CNBC
Nov 12, 2012 4:00pm EST
own growth and make acquisitions that are strategic in times when the economy is in turmoil and specific industry is in turmoil as well. we like that. >> mark travis makes a good point if we don't see anything done in the fiscal cliff, say they do nothing, dividend taxes go t 43.8%, capital gains taxes go much higher. is that a reason to get out of this market? what do you think that does to the market? >> i think the other thing -- we have a long-term hold period. our average holding is seven years. i think part of it will force the long-term investor to become long term and not in a trading mentality. if you do have that significant tax hit to concern yourself with, you know, your decisions on the long term types of investments you make will probably change a little bit. and i think that, frankly, is good for the long-term investor. it will have an impact. >> david doll, what's your impact in terms of 2013, where should i be exposed to equities? >> i think 2013 is the exact right question. what we might see here in lame duck, just may be a kicking the can down the road scenari
Search Results 0 to 20 of about 21